Main Beach property owner seeks big return on prime high-rise site

A BUYER who in 2013 picked up this Gold Coast holding that was part of the portfolio of thrice-bankrupted businessman Dudley Quinlivan is chasing a multimillion-dollar return on the investment.

The holding at 3649-3651 Main Beach Pde is on the southern side of the Pintari and De Ville towers.

A BUYER who in 2013 picked up a Main Beach holding that was part of the portfolio of thrice-bankrupted businessman Dudley Quinlivan is chasing a multimillion-dollar return on the investment.

New Zealand-born Stuart Robertson, via company MBP Qld, bought 3649-51 Main Beach Pde from receivers for $2.25 million.

Offers in the $6.5 million to $7.5 million range are being sought for the two-title holding, which previously was approved for a boutique apartment tower.

WHY COAST BUSINESS LOST ITS LICENCE

The titles span 812sq m and are home to five commercial tenancies. They sit to the south of the De Ville and Pintari apartment towers and close to the Newport on Main, Yachting Towers and Admiral North buildings.

Lachlan Harris, who is marketing the site with CBRE colleague Mason Kidman, said the property was one of few options available to developers keen to enter the Main Beach high-rise market.

PUBLIC REVIEW TO PROBE MANTRA SALE

“Three much bigger sites have been marketed in the past 18 months but have not sold,” he said. “This Main Beach Pde one, by virtue of its size, offers a buyer the chance to pursue the earlier approval or to modify it and get under way and completed quickly.

“The suburb has not seen a new tower started for a decade and we sense there is pent-up demand for new, quality apartments.”

Mr Harris said the site offered holding income to a would-be buyer in the short-to-medium term.

He said owner MBP, which was using the buildings, could offer them with vacant possession, or rent part or all of the space for up to three years.

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